|Headquarters:||Cedar Rapids, Iowa|
Transamerica is no longer offering Long-Term Care Insurance products.
Announcement of Discontinuance of New Sales
Transamerica discontinued the sale of new Long-Term Care Insurance policies starting in the first quarter of 2021. The last day they accepted an application was March 31, 2021 In addition, the enrollment of new employer-based Long-Term Care Insurance ended on June 30, 2021.
This decision does not impact any existing Long-Term Care policy. LTC Insurance is guaranteed renewable, so once issued, it can not be canceled by the insurance company as long as the premium has been paid.
The action was probably made, in part, by the extremely low-interest-rate environment.
If you own a Transamerica policy it will remain in force and features many benefits.
Transamerica offered several features and benefits consumers and Long-Term Care specialists alike look for in a long-term care insurance policy. These benefits include:
- Daily Benefits from $50 to $500 a day
- Five Inflation Options Available
- Elimination Periods from 0 to 365 days
- Monthly Home Care Benefit
- Zero-Day Elimination Period for Homecare
- Spouse/Partner Shared Care Benefit
- Cash Alternative
- Restoration of Benefits
- Return of Premium with Death Before Age 67
- Return of Premium at Death - Minus Claims Available
- Joint Waiver of Premium
- Three Year Rate Guarantee
Transamerica did offer Partnership Long-Term Care Insurance plans in most states. Partnership policies provide additional dollar-for-dollar asset protection. You can learn more about the federal/state partnership program by finding your state on the LTC NEWS MAP.
Find the current and future cost of long-term care services where you live, along with the availability of partnership plans and tax incentives - Cost of Care Calculator - Choose Your State | LTC News
Keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates premiums. Because of regulation, an insurance agent or financial advisor cannot give a consumer a special discount which is not available otherwise.
There are more similarities than differences when it comes to features and benefits. However, options and benefits do vary from company to company. Premiums can vary between companies by over 100% when comparing equal benefits.
Every company has its own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy. You can find a trusted and qualified specialist representing the major insurance companies that offer these products by clicking here.
Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Specialist will ask you several questions about your health to provide you with accurate quotes and professional recommendations.
Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.
Because Long-Term Care Insurance is custom-designed, you can design the plan to fit your specific needs, concerns, and budget. A specialist will help you develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply.